With the recent crisis in the financial markets, I couldn’t help but think about money –- what it means, what it buys, managing money and how much money we really need.
Several parents on this blog have told me in the past that one of the best ways to teach kids about money management is by giving them an allowance. I’d like to follow up on their advice (as well as write a story on this topic), so I’ve got a few more questions:
* How old should a child be before he or she should start receiving an allowance?
* Is there an appropriate amount for a particular age?
* Do you pay for chores?
* Do you give money as a reward for good grades?
* In addition to saving, do you teach your child about giving money to charity?
Thanks for sharing your advice and experiences!